Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
This USD investmentgrade theme targets ultralong duration technology debt from premier AAA and AA+ rated issuers like Microsoft and Apple, offering professional fixedincome allocators a rare convergence of toptier balance sheet strength and elevated yields hovering near the 6.05% to 6.16% range. The portfolio is heavily weighted toward deeply discounted, longdated issues—such as Microsoft’s 4.75% 2055 trading at an attractive 81.08 price with a 6.157% YTW, and Apple’s 4.1% 2062 yielding 6.058% at a cash price near 71.49—providing exceptional convexity and total return potential in a shifting rate environment. These names combine fortresslike liquidity, robust cashgeneration metrics, and pristine credit fundamentals with significant discounttopar capital appreciation opportunities, making them compelling core holdings for institutional portfolios seeking duration extension without taking on credit risk.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …BM55 | 4.75 | 6.157 | 81.076 | 2055-11-03 | 2055-05-03 | AAA | USD | 295MM |
| 2 | Microsoft Corp. | …CD48 | 2.675 | 6.075 | 51.5285 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 3 | Microsoft Corp. | …BE30 | 4 | 6.071 | 72.1602787 | 2055-02-12 | 2054-08-12 | AAA | USD | 540MM |
| 4 | Apple Inc. | …EL06 | 2.85 | 6.058 | 53.6862308 | 2061-08-05 | 2061-02-05 | AA+ | USD | 1.4BN |
| 5 | Apple Inc. | …ER75 | 4.1 | 6.058 | 71.4922194 | 2062-08-08 | 2062-02-08 | AA+ | USD | 1.25BN |
| 6 | Apple Inc. | …DQ02 | 2.95 | 6.053 | 61.8374854 | 2049-09-11 | 2049-03-11 | AA+ | USD | 1.5BN |
| 7 | Apple Inc. | …EK23 | 2.7 | 6.049 | 57.282321 | 2051-08-05 | 2051-02-05 | AA+ | USD | 1.8BN |
| 8 | Microsoft Corp. | …CF95 | 3.041 | 6.049 | 56.3062 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 9 | Microsoft Corp. | …CC64 | 2.525 | 6.036 | 56.1304044 | 2050-06-01 | 2049-12-01 | AAA | USD | 6.25BN |
| 10 | Apple Inc. | …DZ01 | 2.4 | 6.035 | 54.384225 | 2050-08-20 | 2050-02-20 | AA+ | USD | 1.25BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.